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Department of Business and Management Science, Norwegian School of Economics (NHH) Discussion Papers, Department of Business and Management Science, Norwegian School of Economics (NHH)

No 2004/14:
Sunspot Equilibria and the Transfer Paradox

Thorsten Hens () and Beate Pilgrim

Abstract: We show that for international economies with two countries, in which agents have additively separable utility functions, the existence of sunspot equilibria is equivalent to the occurrence of the transfer paradox. This equivalence enables us to provide some new insights on the relation of the existence of sunspot equilibria and the multiplicity of spot market equilibria.

Keywords: Sunspot Equilibria; Transfer Paradox; (follow links to similar papers)

JEL-Codes: C62; D52; F20; F30; O12; (follow links to similar papers)

25 pages, November 22, 2004

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